Answer to Question #193114 in Financial Math for Barent

Question

The amount of money that Gali has to invest at a simple interest rate of 15% per year, to earn R5 250 interest after three years, is

1.     R5 249,48.

2.     R122 500,00.

3.     R11 666,67.

4.     R10 000,00

5.     R3 620,69.

Answer 1

$5250 = X \times 0.15 \times 3 \\ 5250 = 0.45X \\ X = \frac{5250}{0.45} \\ = 11666,67$

Answer: variant 3. R11 666,67